Goldcorp Announces Sale of Los Filos Mine

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/530-tsx/g/28212-goldcorp-announces-sale-of-los-filos-mine.html

VANCOUVER, Jan. 12, 2017 /CNW/ – Goldcorp Inc. (TSX: G, NYSE: GG) today announced that the Company has entered into a share purchase agreement (the “Agreement”) with Leagold Mining Corporation (TSXV: LMC-H) (“Leagold”), pursuant to which it has agreed to sell its Los Filos Mine in Mexico to Leagold (the “Transaction”).

Under the terms of the Agreement, Goldcorp will receive estimated consideration of $438 million, consisting of $279 million in cash (subject to certain closing adjustments), $71 million in Leagold common shares, and retain certain tax receivables of approximately $88 million. The common shares issued to Goldcorp as consideration are expected to represent approximately 30% of the issued and outstanding shares of Leagold following the closing of the Transaction.  By closing of the Transaction, Goldcorp expects to recognize a reversal of a 2015 impairment in mining interests at Los Filos of approximately $30 to $60 million on a pre-tax basis.

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